Thursday, 10 September 2009

Morrisons records huge leap in profits

Morrisons records huge leap in profits
The supermarket chain Morrisons has announced a dramatic rise in half-year pre-tax profits.

The UK's fourth-largest supermarket chain said it had managed to attract new customers hunting for bargains during the challenging economic climate.

Over the last two years, the supermarket claims to have attracted a million new customers.

In the six months up to August 2nd, Morrisons' profits rose by 22 per cent to £359 million on an underlying basis, up from £259 million last year.

Like-for-like sales, excluding the effect of VAT and fuel, were reported to have risen by rose 7.8 per cent

Commenting, Marc Bolland, chief executive of the supermarket chain, said: 'This has been an excellent first-half performance from Morrisons, continuing our run of market-beating sales growth.'

He warned, however, growth would slow in the second half of the year as food inflation eases.

'As inflation comes out of the market, growth will be a smaller single digit number,' he said.ADNFCR-708-ID-19355247-ADNFCR

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